Swiss Re's Admin Re® enters into a transaction with HSBC and demonstrates commitment to the Admin Re® strategy Mittwoch, 11. Juni 2014 - 12:14

        Swiss Re Admin Re® agrees to acquire individual and group pension and related annuity policies from HSBC Life (UK) Limited

·        The transaction demonstrates Swiss Re's commitment to executing on its Admin Re® strategy to acquire closed life books in the UK

·        The transaction is scheduled to close in the second half of 2015

Swiss Re has entered into an agreement to acquire through its Admin Re® business unit over 400,000 individual and group pension and related annuity policies as well as GBP 4.2 billion in unit-linked assets from HSBC Life (UK) Limited. The transaction demonstrates Swiss Re's commitment to delivering tailored solutions to clients and strengthening Admin Re®'s market presence. 

John R. Dacey, Chairman of Admin Re® and member of the Swiss Re Group Executive Committee, says: "This transaction is an attractive opportunity for Admin Re® and confirms our commitment to execute on the strategy to grow the Admin Re® business in the UK.  Transactions such as this allow Admin Re® to maintain and increase the scale of its business and provide attractive shareholder returns." 

Admin Re® is one of Swiss Re's three Business Units. It acquires blocks of in-force life and health insurance business, providing a diversified stream of income for Swiss Re and generating substantial cash for the Group. The transaction underscores Admin Re®'s capability to execute transactions with key Swiss Re clients and migrate significant portfolios onto Swiss Re's proprietary platform.   

The transaction which is subject to regulatory and Court approval is expected to be completed in the second half of 2015. As part of the transaction, Swiss Re has also entered into a reinsurance agreement with HSBC which transfers certain economic risks and rewards of the business to Swiss Re from 1 January 2014 until completion of the transaction.

Contact: 
Rolf Tanner 
Head of Media Relations 
media_relations@swissre.com
Telephone +41 43 285 7171 

For more information about Swiss Re please visit our website www.swissre.com.